Turkey's central bank reserves rose to $171.5 billion
The Central Bank of the Republic of Turkey's total reserves rose by $6.046 billion in the week to 8 May, reaching $171.529 billion. The jump marks one of the fastest weekly increases in recent months.
Turkey's central bank (TCMB) reported that its total reserves rose by $6.046 billion in the week to 8 May, reaching $171.529 billion. The weekly gain ranks as one of the strongest of recent months.
According to TRT Haber Ekonomi, both gold holdings and foreign-currency reserves contributed to the increase. In the same week, TCMB Governor Fatih Karahan said the year-end inflation forecast had been revised to 26%.
Reserve accumulation expands the central bank's room to manoeuvre when the lira comes under pressure. Markets will be tracking the trajectory of gold purchases and foreign-currency deposits in the coming weeks.
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